In an economy where organizations and individuals increasingly seek stability, employee benefits are more important than ever.
While they continue to be a pivotal factor in attracting and retaining talent, their value in both good times and bad cannot be underestimated. Once thought of as “nice perks,” employee benefits are a demonstration of employer empathy and an embodiment of the inextricable link between organizations and their employees’ quality of life and sense of security.
While the case for benefits in a dynamic economy is simple, the benefits themselves are not. With four active generations in the workforce, the increasing popularity of gig work and the evolving demographics of the labor pool, one size doesn’t fit all. Employees’ needs for benefits are nearly as unique as the employees themselves.
Also, employees’ evolving life stages and their shifting risk tolerance practically ensure that their appetite for certain benefits today may be completely different from what they need a year or two from now. Thus, employers find themselves in the tricky position of creating just the right approach—providing the right mix of benefits—for a workforce that is as dynamic as the economy in which we must all operate.
Today’s current climate forces us to reflect on what has worked, what has failed, and what has fallen through the cracks when it comes to benefits programs. Consumer accounts hold an important distinction during times of crisis that provide value and also help illustrate empathy through flexibility.
Here are a few consumer account solutions that we can help you with.
Individual Coverage HRAs. ICHRAs are a newer addition to the HRA plan designs that offer substantial solutions for small businesses or organizations looking to support subsets of their population with benefits choices.
HRAs. HRAs are an exciting and versatile consumer account that employers can design to fit their employees’ needs. They are incredible beneficial, especially now.
Health Savings Accounts. HSA triple tax advantages are a great way for employees and even retirees to save more.
Flexible Spending Accounts. FSAs are an integral part of a well-rounded benefits offering. Additionally, the eligible products for reimbursement have expanded during this current COVID-19 crisis.
If you need more resources to help you during this crisis, please check out our page below. To learn more about Consumer Accounts, visit www.businessolver.com/mychoiceaccounts.